Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,895/mo
Lowest payment- Down payment
- $351,371
- Funds due
- $364,500
- Interest + MI left
- $132,281
- First ends
- Nov 2047
Assumption
Assumption + second
$3,994/mo
+$2,099/mo- Down payment
- $58,371
- Funds due
- $73,310
- Interest + MI left
- $594,952
- First ends
- Nov 2047
New loan
New conventional
$4,000/mo
+$2,105/mo- Down payment
- $58,371
- Funds due
- $69,817
- Interest + MI left
- $755,294
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,629 | $223,629 | $516,629 |
| Second mortgage | — | $293,000 | — |
| First P&I | $1,302.22 | $1,302.22 | $3,499.82 |
| Second P&I | — | $2,099.09 | — |
| Mortgage insurance | $196.04 | $196.04 | $103.33 |
| Taxes, insurance & HOA | $396.67 | $396.67 | $396.67 |
| Total housing payment | $1,894.92 | $3,994.01 | $3,999.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,371
Closing costs & prepaids$14,939
Usable credit−$0
Total buyer cash needed$73,310
Earnest money paid−$0
Remaining funds due$73,310
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$690.00
Prepaid interest, first (9 days)$213.95
Prepaid interest, second (9 days)$559.91
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing20 yr 11 moOf the original 30-year loan at 3.88%
Interest already paid$88,811Through Dec 2026
Assumption only · ends Nov 2047$132,281
Assumption + second · ends Nov 2047, second Jan 2057$594,952
New conventional · ends Jan 2057$755,294